The
Supreme Court on Wednesday deferred the hearing on the review petition
challenging the top court's judgement upholding various provisions of the
Prevention of Money Laundering Act (PMLA).
A
bench of justices Surya Kant and Ujjal Bhuyan adjourned the matter for
September 18. The matter was adjourned as one of the judges of the three-judge
bench was not sitting today.
The
court was hearing the review petition challenging of top court's judgement
upholding the provision of PMLA.
In
the last hearing, the Supreme Court had recollected that earlier it has
identified two issues which need prima facie consideration. Senior Advocate
Kapil Sibal, who was arguing for the petitioner, maintained that judgement
needs reconsideration.
The
top court had said that it will give ample opportunity to each side to present
their arguments and see the legal issues related to the matter.
Earlier,
Solicitor General Tushar Mehta opposed the revaluation of judgement and said
the PMLA is not a standalone offence and PMLA is prepared by the legislature in
conformity with the directions issued by the Financial Action Task Force
(FATF).
The
court had said before that the offence of money laundering is serious and the
country cannot afford such an offence.
The
court had previously agreed to hear in open court a hearing on the review
petition against the judgement pertaining to upholding various provisions of
the PMLA. One of the review pleas were filed by Congress MP Karti Chidambaram.
On
July 27 2022, the supreme court upheld the validity of various provisions of
the PMLA which empowers Directorate of Enforcement for making arrests,
conducting search and seizures and attaching proceeds of crime.
The
court had also held that that Enforcement Case Information Report (ECIR) cannot
be equated with First Information Report (FIR) and ED officers are not police
officers.
On
March 15 2022, the top court had reserved its order on a batch of petitions
challenging certain provisions of the PMLA. Prominent names like Karti
Chidambaram and former Jammu and Kashmir Chief Minister Mehbooba Mufti were
among the petitioners in the case.
Their
petitions raised multiple issues including the absence of a procedure to
commence an investigation and summoning, while the accused was not made aware
of the contents of the Enforcement Case Information Report (ECIR).
However,
the Centre had justified the constitutional validity of the provisions of PMLA.
Centre
had apprised the court that around 4,700 cases are being investigated by the
Directorate of Enforcement.
Centre
said that PMLA is not a conventional penal statute but is a statute which is
aimed at necessarily preventing money laundering, regulating certain activities
relatable to money laundering, aims at confiscating the "proceeds of
crime" and the property derived therefrom. It also requires offenders to
be punished by the competent court after filing of a complaint.
Centre submitted that as a signatory to the treaties
and an important participant in the international process and the fight against
money-laundering, is bound legally and morally, to adopt the global best
practices and respond to the changing needs of the times.